Shares of CVS Health Corp. CVS gained 0.6% in premarket trading Wednesday, after the health care services and drug store chain reported a first-quarter profit beat and revenue that rose well above expectations, but cut its full-year earnings outlook. Net income fell to $2.14 billion, or $1.65 a share, from $2.36 billion, or $1.77 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.20 topped the FactSet consensus of $2.09. Revenue grew 11.0% to $85.
Net income fell to $2.14 billion, or $1.65 a share, from $2.36 billion, or $1.77 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.20 topped the FactSet consensus of $2.09. Revenue grew 11.0% to $85.28 billion to beat the FactSet consensus of $80.79 billion. Health care benefits revenue rose 12.1% to $25.88 billion, health services revenue increased 12.6% to $44.59 billion and primary and consumer wellness revenue was up 7.8% to $27.92 billion.